Public rates banks high for data security, customer service

Public perception has not always been kind to the banking industry in recent years but that appears to be changing, according to recent Morning Consult poll results revealed during the American Bankers Association’s recent summit in Washington D.C.

In terms of overall satisfaction, 84 percent of respondents rated their banks as “excellent,” “very good” or “good.” Eighty-five percent of survey respondents rated their banks’ security and fraud prevention measures positively. Eighty-six percent similarly were happy with their banks’ customer service and 93 percent agreed about their banks’ online presence or mobile app.

Respondents also indicated that they trust their banks to protect their sensitive situation. Banks topped a list of seven business types in terms of information security trustworthiness, ranking just ahead of health insurance companies, followed by online retailers, small businesses, the federal government, retail stores and social media platforms.

ABA and Morning Consult also offers some data about banks’ contributions from an economic perspective. The findings indicate that banks employ 2.1 million people, provide $10.2 trillion in lending and pay a 10 percent share of all corporate income taxes.

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The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library.